tv Rep. Collins News Conference CSPAN August 13, 2018 4:44am-4:54am EDT
they are conducting. we are conducting a criminal investigation with a different standard of proof. i'm not getting into the various factors like going to our direction of whether to charge or not charge someone. they are different investigations. [indiscernible] >> we have not. inc. you. -- thank you. >> after insider trading charges were filed against representative chris collins by officials, he spoke to reporters, denying the charges.
mr. collins: thank you all for coming today. before i get started, most of you here know my wife of over 30 years, mary. thanks for being here. national press may not know her as well as our local press does. over the years, i have often talked about the american dream. i am extremely fortunate in that i have lived it. it started for me when i borrowed and started scraping together every dollar i could buy the westinghouse gear division in buffalo. i moved it to niagara falls under a new name. i am proud that we put hundreds of people to work, who are still working there today. after selling that company in 1997, i ran for congress in
1998, up in the niagara falls area, knowing that my business experience would benefit the citizens of new york, and offer a new perspective in congress. after being humbled in that race, i spent the next 10 years as an entrepreneur, investing in and helping to stabilize dozens of bankrupt and financially distressed companies, saving and creating hundreds of jobs here in western new york. in 2007, i was recruited to run for erie county executive, to turn around the affective bankrupt county. i was elected, and by applying the principles of lean six sigma, turned around the short's finances in 18 months, all the while honoring my campaign pledge to work for $1 a month. one of the many companies i
invested in was a small drug development company, innate immunotherapeutics. aids.ere focused on ultimately their focus shifted to multiple sclerosis. my affiliation with this company is why we are here today. i have been an avid and innateing supporter of immuno therapeutics for more than 15 years, long before i came to congress, or was it elected county executive in he erie county. i believed in the company and still do, and in the potential of a drug that had the real possibility of improving the treatment options for secondary progressive multiple sclerosis patients, which is just about
the most debilitating disease known to mankind, and something i saw firsthand affect a close family members. over the years, i invested in innate, became an uncompensated member of its board of directors. without my investments and steadfast financial support, the company would have gone under, bringing with it a premature end to a drug i truly thought would revolutionize treatment options for this disease. finding a cure for secondary progressive m.s. was at the top of the list. after years of blood, sweat, and tears, we firmly believed we were on the verge of a medical breakthrough. sadly, despite showing great initial promise, the drug was ultimately shown to be unsuccessful, which is a setback for all those suffering from this deadly disease. many have speculated about my relationship with innate.
here are the simple facts. my connections with the company are well-known. i believe i acted properly and within the law at all times with regard to my affiliation with innate. throughout my tenure in congress, i have followed all rules and all ethical guidelines when it comes to my personal investments, including those with innate. when it became clear that the
drug i and others believed in fell short of our hopes and expectations, i held onto my shares, rather than sell them. as a result, the significant investment i made in the company , worth millions of dollars, were wiped out. that's ok. that's the risk i took. my real concern lies with the millions of people suffering with secondary progressive multiple sclerosis, who to this day struggle without lifesaving treatments for their deadly disease. i have set it before, and i will say it again, i am proud of my affiliation with innate. i may have lost most of the money that i invested in the company, but i took the chance to bring relief to those who deal with the dreadful disease of secondary progressive multiple sclerosis everyday. the charges that have been levied against me are meritless. i will mount a vigorous defense in court to clear my name. i look forward to being fully vindicated, and exonerated, ending any and all questions relating to my affiliation with innate. i have spent the last 10 years in public service as the erie county executive and as a member of congress. i have also spent many years volunteering to give back to my community. whether it was a member of the federal reserve bank, small business advisory council, member of the board of trustees of kenmore mercy hospital, or as a longtime mentor to small
businesses, the public knows my dedication to western new york. because my focus is to defeat the charges in court, after today, i will not address any issues related to innate outside innate immunotherapeutics outside of the courtroom. as i fight to clear my name, rest assured, i will continue to work hard for the people and constituents of the 27th congressional district of new york, and i will remain on the ballot, running for reelection this november. thank you very much, and have a great night. >> mr. collins, you are a congressman. congressman, you called a press conference. i expect to be able to ask questions. congressman, i should be able to ask questions. >> i am not touching you. >> congressman!
newaturday morning, nor york congressman chris collins announced he would not run for reelection spiri. he announced in part "i have decided it is in the best interest of constituents." on "they night communicators," a look at 5g. join us on the program, former fcc commissioner and president and ceo of the wireless infrastructure association, jonathan adelstein. mr. adelstein is interviewed by bloomberg news tech reporter todd shields. todd: i am interested in the 5g. a lot people are. what are the benefits of 5g? mr. adelstein: you have smart cities where you can do any services online, you know where
to park, traffic will be improved. the benefits go on and on for consumers, to the overall connecteding that are and growing faster, if we get it right. >> watch "the communicators" monday night at 8:00 eastern on c-span2. >> today, the american institute of certified public accountants holds a conference in washington on changes to the national audit manuals and cyber security fears live coverage begins at 9:00 a.m. eastern on c-span2. >> good afternoon. let's get this level appropriate.